Table 3

Sample composition

# ObservationsAvg. HCM_Disclosure
Panel A. Observation numbers and average HCM_Disclosure by years
Year
2009625−0.965
2010925−0.633
20111,163−0.376
20122,367−0.038
20132,406−0.124
20142,571−0.111
20152,781−0.193
20163,006−0.013
20173,4300.011
20183,5250.019
20193,724−0.093
20204,069−0.007
20214,4960.271
20224,7370.407
Panel B. Observation numbers and average HCM_Disclosure by industries
Industry
Instruments and appearances, culture and office machinery manufacturing4870.560
Professional and scientific research services4920.414
Health care, nursing care services1600.391
Timber processing and bamboo, rattan, palm and grass products800.320
Medicine manufacturing2,4620.292
Computer application service2,9950.283
Raw chemical materials and chemical products2,5560.254
Manufacture of petroleum, chemical, rubber and plastic products7910.213
Special equipment manufacturing2,3090.199
Other finance2270.137
Information technology3,7720.125
Decoration2760.113
Culture and education goods, sporting and athletic goods manufacturing1740.101
Arts740.089
Air transportation1280.088
General machinery manufacturing1,3820.084
Metal products6620.080
Furniture manufacturing1870.079
Electrical machinery and equipment manufacturing2,5530.077
Public facilities services2230.062
Garment and other fabric products manufacturing3790.020
Food manufacturing5160.020
Hotels590.008
Paper and allied products316−0.002
Other manufacturing136−0.013
Banking248−0.035
Support services for mining168−0.041
Agriculture169−0.052
Non-metallic mineral products940−0.055
Securities and futures493−0.056
Non-ferrous metal mining, smelting, rolling, drawing, and extruding1,144−0.065
Chemical fiber manufacturing285−0.089
Transportation equipment manufacturing1,905−0.101
Other public services1,225−0.102
Insurance29−0.116
Printing129−0.142
Textile412−0.164
Support services for farming, forestry, animal husbandry, and fishery14−0.185
Fishing and hunting99−0.195
Retail trade967−0.209
Ferrous metal mining, smelting and extruding387−0.214
Food processing534−0.219
Coal mining and quarrying273−0.221
Civil engineering construction698−0.240
Beverages513−0.268
Graziery169−0.280
Communication service159−0.298
Publishing industries217−0.303
Furs, leather, feather and related products manufacturing94−0.371
Forestry49−0.378
Wholesale and retail trade899−0.404
Water transportation323−0.405
Radio, film and television276−0.409
Highway transportation372−0.442
Warehousing92−0.444
Petroleum processing and coking161−0.511
Electric power, steam and hot water generation and supply837−0.514
Support service for transportation57−0.515
Oil and gas extraction, production and supply311−0.543
Conglomerates166−0.545
Real estate1,373−0.695
Railroad transportation36−0.730
Rental and leasing services30−0.825
Water generation and supply176−0.902
Panel C. Observation numbers and average HCM_Disclosure by provinces
Province
Sichuan1,3670.168
Zhejiang4,6860.132
Jiangxi6300.129
Jiangsu4,2590.122
Shaanxi5750.096
Guangdong6,3430.057
Guangxi4110.048
Hunan1,1630.019
Anhui1,2420.016
Shandong2,3210.003
Beijing (city)3,433−0.004
Xizang173−0.020
Shanghai (city)3,040−0.038
Henan948−0.049
Guizhou314−0.071
Fujian1,454−0.072
Xinjiang562−0.076
Ningxia151−0.091
Hubei1,202−0.106
Gansu376−0.120
Yunnan406−0.147
Shanxi426−0.169
Hebei648−0.200
Tianjin (city)578−0.207
Jilin497−0.277
Chongqing (city)578−0.290
Heilongjiang401−0.313
Neimenggu305−0.314
Liaoning871−0.351
Hainan346−0.362
Qinghai119−0.468
Panel D. Observation numbers and average HCM_Disclosure by ownership types
Ownership type
Privately-owned entity24,7870.127
Foreign capital entity2,1840.024
Central SOE746−0.096
Local SOE12,108−0.259
Source(s): The authors
[ViewLarge]
This Feature Is Available To Subscribers Only

or Create an Account

Close Modal
Close Modal